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BoI Disburses N3.1Bn to 14 Microfinance Banks

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The Bank of Industry (BoI) says it disbursed N3.1 billion to 14 microfinance banks under its Bottom of Pyramid (BOP) scheme.

The scheme is among others designed to enhance the financial inclusion of micro-entrepreneurs in the country.

Mr Waheed Olagunju, the Acting Managing Director of the bank, made the disclosure at the presentation of cheques to LAPO Microfinance Bank, Fortis Microfinance Bank and Lotus Capital Ltd in Lagos on Friday.

The Bottom of Pyramid scheme is an on-lending initiative using the services of microfinance banks as channels for credit delivery to the under-served and under-banked micro-entrepreneurs.

Olagunju presented a cheque each of one billion naira to LAPO Microfinance Bank, N500 million to Fortis Microfinance Bank and N500 million to Lotus Capital.

He said that the bank had previously disbursed N1.1 billion to 11 microfinance banks under the scheme.

According to him, the bank has approvals of N1.13 billion for nine other microfinance banks presently undergoing disbursement process.

Olagunju said BOP was designed to leverage on the spread and penetration of participating financial institutions across the country to stimulate economic activity among micro-entrepreneurs.

“We also decided to work with microfinance banks because lending to micro enterprises requires special skills that they have acquired,” Olagunju said.

He said the scheme was aimed at poverty reduction through job and wealth creation focusing on rural micro-enterprise operators with a view to extending financial inclusion to them.

The managing director said that activities to be financed include agriculture, manufacturing, food products, beverages, solid minerals, services and artisanal activities.

Olagunju said that the scheme aligns with government’s employment and wealth creation objectives of the National Enterprise Development Programme (NEDEP).

He urged the banks to utilise the partnership and opportunity to lift Nigerians out of poverty.

Mrs Hajara Adeola, Managing Director, Lotus Capital, said that the partnership would boost economic activities and lead the country out of recession.

Mr Godwin Ehigiamusoe, Managing Director, LAPO Microfinance Bank, said that economic revitalization would take place if large numbers of citizens at the bottom of the ladder were engaged.

He noted that the partnership would enhance the productivity of the Micro, Small & Medium Enterprises sector while ensuring their contribution to the nation’s Gross Domestic Product.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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